Laserfiche WebLink
review of necessary documents relating to the Project, and to <br />consult with the Applicants and any other involved parties as <br />to the maturities, interest rates and other terms and <br />provisions of the Note and the covenants and other provisions <br />of the necessary documents and to submit such documents to the <br />Council for final approval. <br />6. Nothing in this resolution or in the documents <br />prepared pursuant hereto shall authorize the expenditure of any <br />municipal funds on the Project other than the revenues thereof <br />or the proceeds of the Revenue Note or other funds granted to <br />the City for this purpose. The Note shall not constitute a <br />charge, lien or encumbrance, legal or equitable, upon any <br />property or funds of the City except the Project and the <br />revenue pledged to the payment thereof nor shall the City be <br />subject to any liability thereon. The bondholders shall never <br />have the right to compel any exercise of the taxing power of <br />the City to pay the note or the interest thereon, nor to <br />enforce payment thereof against any property of the City except <br />the Project. The Note shall recite in substance that the Note, <br />including interest thereon, is payable solely from the revenue <br />pledged to the payment thereof. No Note issued hereunder shall <br />constitute a debt of the City within the meaning of any <br />constitutional or statutory limitation. <br />7. In anticipation of the approval by the Commis- <br />sioner of Securities and the issuance of the Revenue Note to <br />finance a portion of the Project, and in order that completion <br />of the Project will not be unduly delayed when approved, the <br />Applicants and /or Partnership are hereby authorized to make <br />such expenditures and advances toward payment of that portion <br />of the costs of the Project to be financed from the proceeds of <br />the Revenue Note as the Applicants and /or Partnership considers <br />necessary, including the use of interim, short -term financing, <br />subject to reimbursement from the proceeds of the Revenue Note, <br />when and if delivered, but otherwise without liability on the <br />part of the City. <br />Adopted by the City Council of the City of Little <br />Canada , Minnesota this day of May, 1979. <br />Attest: <br />City Clerk <br />Mayor <br />70 <br />